Three held for allegedly pledging fake gold ornaments
Police in Chakrakala have arrested three individuals for allegedly defrauding a cooperative bank of ₹17.2 lakh using fake gold ornaments. The suspects reportedly used the counterfeit jewelry as collateral for loans.
Why it matters
This incident highlights vulnerabilities in banking security protocols regarding collateral verification for gold-backed loans.
The Chakrakala police have arrested three persons for allegedly cheating a cooperative bank of around ₹17.2 lakh by repeatedly pledging fake gold ornaments.
The arrested persons were identified as Mohammed Hafnas, Dhanesh Babu, and Muneer Chandroth. According to the police, Muneer allegedly pledged fake ornaments weighing 120.8 grams, while Dhanesh allegedly pledged ornaments weighing 62.325 grams. The fake ornaments had been reportedly supplied to the two accused by Mohammed Hafnas of Koodali.
The case was registered following a complaint filed by the bank manager.
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